As a drug addicted pension, as soon as Bullard (one of the most influential person in the FED) mentioned that QE could (COULD) be extended the market recovered the losses as you can see from the graph.
The indexes during this week actually touched the targets intraday (Dow under 16,000 and SP touching 1,820).
The next meeting of the FED is the 28/29 October. Chairman Yellen always said it would take a lot to move the FED from its pace…but we will see if she has the guts.
Graphically the last day is insignificant as the market had to recover as it was oversold and outside the Bollinger bands…so the automatic algorithm based software started buying.
So there is no clear trend at this point.
I still see more probable a low of Dow 5,350/5,500 – SP 1820 – 1755 as a concluding move by Mid- November. But there is no clear trend.
Again this would be a perfect moment for a terrorist attack or a Putin’s revenge
investorpolitico 